比特币连续 90 天的上涨势头突然结束，反映出投资者情绪从加密货币转向黄金等传统避险资产。

Bitcoin's three-month uptrend against gold seems to have ended, as ETF flows shift toward gold and other precious metals.

这从比特币与黄金的比率中可以明显看出，该比率衡量的是 BTC 的每美元价格与每盎司黄金的美元价格。这张图表告诉您投资者在任何特定时刻实际上更喜欢哪种“价值存储”。

Since early March, bitcoin has been the clear winner, lifting the ratio higher from roughly 12 points to 18 points.

但现在不再了。

The growth has stalled lately, and, over the past 24 hours, it has decisively turned lower, snapping the three-month uptrend.

该比率已突破上升趋势线，标志着 BTC 兑黄金的小牛市走势。 In the world of technical analysis, this is a major breakdown, signaling a renewed shift in momentum in favour of gold.

Why this matters

该信号不仅涉及图表上的线条，还告诉我们聪明的资金下一步可能走向何方。

当伊朗战争于 2 月底爆发时，油价飙升至每桶 100 美元以上，投资者寻找存放现金的地方。 And for a while, they bet on bitcoin as a haven, as evidenced by the upswing in the $BTC-gold ratio.

但同样的比率现在已经使其上升趋势失效，表明投资者重新转向黄金。

请注意，趋势线突破等图表模式可能而且经常转瞬即逝，但就目前而言，信息很明确：黄金在短期内可能跑赢 BTC。

市场流动支持了这种解释。

贵金属ETF需求旺盛

由于美国国债收益率走强以及美国利率长期走高的前景，与比特币相关的交易所交易基金已经失去了投资者的青睐，两周内损失超过 20 亿美元。

与此同时，黄金和贵金属基金的需求也很大。据路透社援引 LSEG Lipper 数据报道，截至 5 月 20 日当周，这些基金吸引了 23.4 亿美元的投资者资金，连续第二周流入。

As of writing, bitcoin changed hands near $75,600, down 0.3% from midnight UTC hours and gold traded largely flat around $4,500.